Prairie West Oil and Gas Ltd. finalizes, completes and secures new 11 well producing acquisition
(firmenpresse) -
Prairie West Oil and Gas Ltd. finalizes, completes and secures new 11 well producing acquisition
New asset in close proximity to existing production
Prairie West Oil and Gas Ltd is pleased to announce that it has finalized, completed and secured a new 11 well producing acquisition near Maidstone Saskatchewan. All terms and conditions of this purchase have been accepted by both buyer and seller with the end result being beneficial to all parties involved and carries an effective date of April 1st 2011.
The benefit to Prairie West is substantial both from the increase in daily production as well as the resulting added valuation obtained from these new proven reserves. Prairie West feels that this acquisition will give the company a much larger footprint in the Maidstone region which in turn will lower the cost on current and future operations in the area. This immediate increase in revenue from current online production will be factored into Prairie’s earnings effective April 2011.
CEO Garry Pearce: “I am pleased that the recent addition of Anthony Sarvucci to our team in the roll of Vice President has through this acquisition produced an immediate impact in achieving both the short and long term goals of Prairie West.”
It is important to note that from an operational standpoint this acquisition is a great addition to the Prairie portfolio because of the close proximity to existing company production.
The company believes that this is another positive step toward accomplishing the realistic yet aggressive goals set forth for 2011. Prairie West will continue to update the public as information becomes available and would like to remind people to check the company website for current news and information.
About Prairie West Ltd.:
Prairie West Oil & Gas Ltd. (www.prairiewestonline.com) is a producing oil & gas corporation operating in the center of Canada's highest reserve epicenter - the oil boom provinces of Alberta and now Saskatchewan. Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent. As a secondary strategy, the company continues to successfully lay the groundwork for future growth by taking advantage of an enhanced negotiating position, bargains and opportunities that have arisen due to the recent economic volatility.
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
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Datum: 19.05.2011 - 09:59 Uhr
Sprache: Deutsch
News-ID 30066
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